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It means that three out of Deutsche’s eight board directors have been ousted. The investment bank will be split in two, with its sales and trading activities becoming part of a new division called Global Markets.

Cryan is expected to present further cuts to the investment bank and axe thousands of jobs at a strategy update on October 29.

Shares in the Frankfurt-listed firm – which employs 8,000 in London – jumped 3.7 per cent yesterday as investors welcomed the restructure.

■ PROFITS at US investment bank Morgan Stanley fell 42 per cent to £607million in the third quarter as revenues from commodity, bond and foreign exchange trading dropped.

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Deutsche's British boss a hit with investors over plans to clear out old guard and split the investment bank in two